MONOETHYLENE GLYCOL MARKET ANALYSIS

Monoethylene Glycol MarketSize and Trends

Global monoethylene glycol market is estimated to be valued at US$ 38.84 Billion by the end of 2030,  and is expected to exhibit a CAGR of 4.7% during the forecast period (2023-2030).

• Increase Demand for Polyethylene Terephthalate: Increased demand for polyethylene terephthalate (PET) resin, polyester fiber, and antifreeze is a major factor driving growth of the global monoethylene glycol market. Monoethylene glycol is also a biodegradable substance, which means it has a lower influence on aquatic life. This factor is also contributing to the global monoethylene glycol market growth. For instance as per global report in 2020, the global demand for PET was 27 million metric tons. By 2030, global PET demand is forecast to amount to 42 metric tons.

• Rising demand for monoethylene glycol for polyethylene terephthalate (PET) packaging in various commercial and industrial end-use applications: Monoethylene glycol (MEG) is a colorless, odorless, and viscous liquid that is widely used in the production of polyethylene terephthalate (PET) packaging. PET is a popular material for packaging due to its durability, transparency, and recyclability. The rising demand for PET packaging in various commercial and industrial end-use applications has led to an increase in demand for MEG.

Global Monoethylene Glycol  Market: Trends

• Emerging trends: Emerging trends that have a direct influence on market expansion include acquisitions, mergers, and product development by key players. Several key players are focused on strategies such as acquisitions and mergers to improve their position in the global monoethylene glycol market. For instance, in July 2021, ExxonMobil, an multinational oil and gas corporation, and SABIC's, a Saudi Arabian multinational chemical manufacturing company joint venture, Gulf Coast Growth Ventures, in Corpus Christi, Texas, completed construction of a monoethylene glycol (MEG) unit and two polyethylene (PE) units.